On the GBPUSD (Daily) chart, price has broken through the low of a trading range. It is also at the low of a down channel . Until there is a clear breakout from the range, I am looking for range rotation. Hence I am expecting price to return to the top of the range. Note that since the sharp move down (resulting from the Brexit vote) the 38.2% retracement has not been tested. This is close to the top of the range.